Court Jails Man 5 Years for $42,000 Crypto and N37m Money Laundering, Orders Asset Forfeiture

Justice Dehinde Dipeolu of the Federal High Court in Lagos on Friday sentenced Emmanuel Elegbenosa Aitanu to five years imprisonment for money laundering involving foreign currency, cryptocurrency, and real estate acquired from the proceeds of cybercrime.

Aitanu was convicted after standing trial on a six-count charge filed by the Economic and Financial Crimes Commission (EFCC) in Charge No: FHC/L/416685/25.

Prosecution counsel Bilkisu Buhari-Bala, assisted by Zenat Atiku, told the court that Aitanu, alongside accomplices identified as Peter Cruz and others still at large, in 2017 conspired to fraudulently re-route funds into a fraudulent account, “DLP Designs East Coast,” domiciled with Citibank.

According to the EFCC, the defendant subsequently retained the criminal proceeds in cryptocurrency and Nigerian bank accounts, and used part of the funds to acquire luxury vehicles and landed property in Lagos.

The counts include retaining 265.8269 BTC in a crypto wallet, retaining N20 million in a Zenith Bank account; and purchasing a white 2015 Mercedes Benz C300 worth N17 million.

The convicted was also said to have acquiring a plot of land at Ineh Oil, Ikota Village (Ojomu Chieftaincy Family Land) in Eti-Osa Local Government Area; and purchasing a grey Toyota Corolla with chassis number JTDBU4EE6AJ086693.

The offences contravened Sections 18(2)(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and Sections 27 and 36 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

In her judgment, Justice Dipeolu sentenced Aitanu to five years imprisonment and ordered the forfeiture to the Federal Government of $42,000; The plot of land at Ikota Village; The white Mercedes Benz C300; and the grey Toyota Corolla.

The judge also ordered that the cryptocurrency and funds traced to the convict’s accounts be forfeited.

The case underscores the EFCC’s focus on tracing and recovering assets derived from cyber-enabled financial crimes.